What happened?
Modal, a cloud company that runs AI models and code for developers, announced a $750 million Series D round. The round was raised at a $15.75 billion valuation.
Who participated?
Accel led the round, with Kleiner Perkins joining. All of Modal's existing investors, including Menlo Ventures, General Catalyst, Redpoint, and Lux Capital, also participated.
Why it matters
Modal provides infrastructure that lets developers run AI models and code in the cloud. The company's annual run rate surpassing $1 billion shows how strong demand is for AI infrastructure.
What the investment means
This round signals continued investor interest in AI infrastructure and cloud services. The valuation could help Modal strengthen its position in the developer tools market.
